Bankman-Fried Says Stricter Regulation of Crypto Exchanges Would Be Positive

Sam Bankman-Fried, CEO of crypto derivatives exchange FTX, said tighter regulation of crypto exchanges would have positive effects for investors.

“It’s a long time coming and it’s completely necessary – and we’re very much for it,” Bankman-Fried said in an interview with Bloomberg.
He made his comments as the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) discuss stricter regulations and frameworks around crypto exchanges.
As for tighter controls on lending products, he that “if done properly, these programs can be great for consumers; if done properly, they can give consumers way higher returns on their assets,”
Bankman-Fried said a ban on stablecoins would be “sad” given how useful they are. “There’s other sorts of regulatory interventions, which I think would be healthy.”
FTX is also looking to increase its presence in the non-fungible token (NFT) market, with exchange executives revealing plans to build their own marketplace to compete with OpenSea, the market leader.
Brett Harrison, president of FTX.US, told Bloomberg the company is in a good position to launch its platform, with the infrastructure already built out.
The exchange said its own NFT platform could become available in about a month.

Read more: FTX.US Launches NFT Minting Platform